Dow Jones index drives through 21,000

1of2A board above the trading floor of the New York Stock Exchange shows the Dow Jones industrial average closing number above 21,000, Wednesday, March 1, 2017. Banks and other financial companies led U.S. stocks sharply higher, pushing the Dow Jones industrial average to close above 21,000 points for the first time. (AP Photo/Richard Drew)Photo: Richard Drew, STF

2of2Trader Richard Cohen pays tribute to the Dow's milestone at the New York Stock Exchange.Photo: Richard Drew, STF

The Dow Jones industrial average on Wednesday stormed past 21,000 for the first time as investors absorbed President Donald Trump's address to Congress where he pledged business-friendly proposals like tax cuts, deregulation and an increase in infrastructure and defense spending.

Wednesday's sprint past 21,000 matched the previous record for 1,000-point gains, set in 1999 when the Dow ran from 10,000 to 11,000 in 24 trading sessions.

"President Trump came out and gave a presidential speech, which reassured a lot of people who questioned whether his administration would reach normality," said Brad McMillan, chief investment officer at Commonwealth Financial Network.

"The political uncertainty has been one of the factors holding the market back in the face of an improving economy. The fact that political uncertainty may be starting to subside may be counted as really good news," McMillan added.

Apple, Boeing and Goldman Sachs Group have propelled most of the gain in the Dow industrials during its 1,000-point dash.

Wednesday was the biggest, one-day point lift for the blue-chip index since Election Day 2016. The 30 stocks have continued to surge from below 19,000 without looking back.

"In terms of percentage moves, the move in 1999 was much larger," said Ryan Detrick, a senior market strategist with LPL Financial. "Nonetheless, this only reinforces how strong the rally has been since the election."

Detrick said the strong earnings season is pushing the market forward more than Trump.

"This helps justify the gains, as it isn't all based on hopes for tax reform or infrastructure spending," he said. "There is real economic improvement now that has sparked much of the rally."

New York Fed President William Dudley said Tuesday tightening monetary policy had become "more compelling," making a rate increase more likely for March 15.